Petrol price could fall by 73 cents

It says this would mean that motorists in Gauteng would pay R10,94 for a a litre of petrol, down from May's record price of R12,22 cents a litre.

The department says that the continued strengthening of the rand, couple with the lower international oil prices could result in a year-on-year decline in the overall cost of petrol before the end of the year.

It says this could mean that the South African Reserve Bank decides to cut interest rates to stimulate economic growth in the country.

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